Cool Edit Pro 2 seems to be the most popular choice. It has pretty much everything, unfortunately it is around $400 and buggy as hell. Some inexpensive choices are n-Track ($42), or Cakewalk Guitar Tracks or Home Studio.
Personally I would invest in a good cheap pre-amp (Midiman Audio Buddy, $70) because the mic pre on your soundcard is only designed for lo-fi apps.